Liberty Wealth Advisors, a longtime wealth management firm in Stamford that advises individuals on retirement planning, has relocated to the city's downtown.

The company, which had previously been based in the Glenbrook section of Stamford, moved in November to a 3,000-square-foot office in 707 Summer St., it said in a statement on Monday. The building is owned and operated by The Ashforth Company, a national real estate firm headquartered in Stamford.

Liberty Wealth manages $130 million in assets, according to Michael Parry, Liberty Wealth's president. The firm, which was founded in 1990 by Parry and another partner, also advises medium-sized companies through transitions.

The company boasts roughly 200 clients, most of which are from the New York metropolitan area.

Parry said the decision to move stemmed from a planned expansion -- the firm intends to hire an additional wealth adviser -- as well as the increased vibrancy of downtown.

"We used to have an office on Fifth Street," he said. "I've sensed over the years that this is really an enjoyable place to be.

"It's good to be able to go out at lunchtime, walk to a restaurant and be seen by other professionals."

Tom Pajolek, an executive vice president at CBRE who specializes in office space in Fairfield County, said the leasing was a good sign. The 707 Summer St. building, which sits outside the city's central business district, is one of the more well maintained commercial spaces in Stamford, he said.

But in general, office tenants still prefer the central business district. "Transit-related spaces tend to do better and outperform," he said.

According to Jack Condlin, the president of the Stamford Chamber of Commerce, the move suggests the possible resurgence of small to medium-sized firms in the financial industry. He said those in the business community had initially hoped that the arrival of big financial firms UBS and RBS would stimulate more small financial firms to move to the city's downtown.

In the wake of the recent financial crisis and recession, that trend has largely failed to materialize at both the large and small level.

The number of firms in the area that are involved in trading and investing has shrunk considerably since 2009. According to the most recently available data from the state Department of Labor, the Bridgeport-Stamford labor market had 1,428 firms working in securities, commodity contracts, and investments during the second quarter of 2013.

During the same period in 2009, the number of firms in that category was 2,318.

"But this is a clear indicator that things are turning," Condlin said. "A lot of small companies come in because of the synergy that these companies create."

He added that he had always believed Stamford would lead the state's economic recovery. "I'm not saying that happy days are here again but it's certainly a step in the right direction," he said.